What the Cavaliers' 800-word news release didn't say is what was reported by multiple media outlets earlier in the day -- that James finalized a two-year, $42.1 million deal.

The contract, according to the reports, is built around James being able to re-sign with the Cavaliers a couple of years down the road when the value of the league's maximum contract is expected to jump.

James announced in a first-person essay on Friday that he was returning to the Cavaliers after four seasons with the Miami Heat, telling Sports Illustrated he was "coming home."

His decision ended heated speculation about where the four-time MVP would sign after he opted out of his contract with the Heat last month.

James played his first seven NBA seasons for the Cavs, averaging 27.8 points and taking the team to the NBA Finals once. He made the Finals all four years with the Heat, winning two NBA titles.

Cavaliers general manager David Griffin said in a statement the team "could not be happier" to welcome James back to Cleveland.

That's in stark contrast to owner Dan Gilbert's scathing letter four years ago in the aftermath of James' decision to leave for Miami.